Cardano price analysis is bullish today.ADA/USD is currently trading at $0.944.Buyers overwhelm the sellers.
Cardano’s price has been on a strong uptrend over the last week, with the market seeing a new higher low yesterday at $0.87. Over the last hours, bullish momentum has continued to increase, pushing the market towards $1.
Cardano price movement in the last 24 hours: Bullish continuation pattern
ADA/USD has been in a strong uptrend over the last week, with the market seeing a new higher low yesterday at $0.87. Yesterday, we saw a continuation pattern breakout, with bullish momentum pushing the market above $1. We are currently seeing strong bullish momentum, with the market testing resistance at $1.20.
A break above $1.20 would confirm the continuation pattern breakout and could lead to further upside in the market. The next major resistance level is at $1.40, where we see a key Fibonacci level.
ADA/USD 4-hour chart: ADA looks to break $0.92
The 4-hour chart shows that the market has been in a strong uptrend since last Wednesday, with the price action forming higher highs and higher lows. The market has seen a new higher low today at $0.87, which is a bullish sign.
The RSI is in bullish territory and is currently moving up from oversold levels. This suggests that there is still room for bullish momentum to continue in the short-term.
The MACD is also in bullish territory and is currently moving up, providing further confirmation of the bullish momentum.
ADA/USD 4-hour chart. Source: TradingView
The bulls will be looking to push the market above $0.92, which is the next major resistance level. A break above this level would confirm the continuation pattern breakout on the 4-hour chart and could lead to further upside in the market.
The bears will be looking to defend the $0.92 level and could push the market back down if they are successful.
The market is bullish in the short-term and looks likely to continue higher over the next 24 hours as bulls push the market towards $1.20. A break above this level would be a strong sign that the uptrend is continuing and could lead to further gains in the market.
Cardano price analysis: Conclusion
The Cardano price analysis is bullish today, as we established another higher low yesterday and additional upside pressure since this morning. As a result, we anticipate ADA/USD to reach $0.92 and to make further local highs.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.